Phibro tenders for 13% notes, 9 7/8% notes, 15% notes

By Jennifer Chiou

New York, June 30 - Phibro Animal Health Corp. and PAHC Holdings Corp. announced the start of tender offers for any and all 13% senior secured notes due 2007, 9 7/8% senior subordinated notes due 2008 and 15% senior secured notes.

The tenders expire at 11:59 p.m. ET on July 28.

The Fort Lee, N.J., manufacturer of animal health products is also soliciting consents to amend the note indenture, eliminating all restrictive covenants and events of default.

The solicitations end at 5 p.m. ET on July 14.

For each $1,000 principal amount of 13% notes, the company will base its payout on the 2 7/8% Treasury due Nov. 30, 2006. The total consideration includes a $10.00 consent payment for holders who tender their notes before the consent deadline.

For each $1,000 principal amount of 9 7/8% notes, the company said it will pay $1,004.40, which includes a $4.40 consent payment for holders who tender by the early deadline.

For each $1,000 principal amount of 15% notes, the company will pay $1,158.70, including a $8.70 consent payment for holders who tender prior to the consent deadline.

Holders who tender will also receive accrued interest up to, but not including, the payment date.

The offers are conditioned upon, among other things, completion of the new financing and tenders from a majority of noteholders.

UBS Securities LLC is the dealer manager (888 722-9555, x4210).

MacKenzie Partners, Inc. is the information agent and depositary (call collect 212 929-5500 or 800 322-2885).

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